Use the values agreed for the earlier chargeable transfer (
IHTM04027) Therefore, if the value
transferred by the first chargeable transfer is after deduction by
business relief (IHTM25130) or agricultural relief (
IHTM24001) the increase is based on the
value after reduction by the relief. Where the value of the
property transferred was its appropriate fraction under IHTA84/S39A
(3) then the increase is based on the value so reduced.
Ignore any costs and expenses payable on the earlier
transfer. For example, if the earlier transfer was on death and
your deceased took the residue, ignore the costs of administering
the earlier estate when making your calculation.
(This text has been withheld because of exemptions in the
Freedom of Information Act 2000)
